As your customers’ needs evolve with your business growth, you’ll arrive at a stage where you’ve zoomed out on the distinguishing features of one customer from another. You may only be capable of merging the dots to fit the definitions of your Ideal Customer Persona (ICP). In essence, you’ll be forced to create a big blob of customer personas, ignoring the nuances or digressions you must address in the name of ‘personalization.’
No matter how much you stub your toe on the churn table and do all that is needed to keep your customers happy, there may be a time you fall short in this hyper-competitive market. You’ll see customers jumping off the ship, and it could be yours. In a landscape that trusts customer retention as a critical pillar of growth over customer acquisition, a single unhappy customer is bad news. With the cost narrative associated with higher customer acquisition catching the wind, how can you solve - and simplify - this complex retention puzzle?
No fear; we have a solution for you. Actually three of them. But first, some numbers: A 2023 B2B Commerce Growth Strategies Survey by Adobe revealed that 63% of B2B commerce businesses were emphasizing personalization as the key driver to elevate customer experience. Personalized customer experiences, according to the survey, have a strong impact on customer loyalty. Creating a superlative platform experience for every distinguishing customer can, of course, become quite a daunting exercise unless you’re smart enough to realize your unsung superpower - Customer Intelligence.
Here are three ways to leverage customer data as your shield for churn and a weapon for growth.
1. Derive Customer Lifetime Value (CLV)
Studying customer behavior through an intelligent subscriber analytics platform provides a clear picture of how happy your customers are and how clear your communication channels are. You then derive an actionable CLV that represents the value of your business with every customer.
This metric alone gives you more than just the mood or longevity of your customers. It provides clarity on the most appropriate measures you must implement to understand your customers better and expands your playground to test newer retention strategies. Whether an innovative discount offer or a bonus content allowance for your customers, calculating CLV against your annual revenue goals saves you from financial cringe and bucks up cash flow.
2. Enhance Platform Experience
Your subscription platform is a true ‘tell’ of your market credibility. Even a slight improvement to your platform efficiency can prove stunning for your topline. Well-analyzed subscriber data exponentially improves your return on the time and effort invested into building dynamic offer catalogs and unique subscription tiers. The exercise simplifies your approach to designing pricing models and even sanitizes your billing platform.
Stakeholders that have the power to decide on product-specific changes can now make data-driven decisions specific to payment, billing, and content bundling ecosystems.
3. Mitigate Churn
With enhanced subscriber data analysis comes optimized customer segmentation. For example, you can know exactly what your younger versus older customers want by segregating them according to demographics or geography.
Subscriber data allows you to study customer payment behaviors regarding their average affordability and adjust your subscription plans accordingly. Isn’t it an actionable strategy to reduce churn significantly?
You probably can’t jump the gun and go beyond time. But at Evergent, we can do just that with our AI-powered predictive analytical engine. Within our Captivate Product Suite, you can find the right mix of tools to identify churn before your platform can detect and even offer tailored solutions to improve retention. These churn management strategies propel innovation beyond cost-effective offers through the right use of customer intelligence.
To discover how Evergent delivers a well-oiled retention machine for your business, book a call with our team of experts.